Economists view normative statements as
a. prescriptive, making a claim about how the world ought to be.
b. descriptive, making a claim about how the world is.
c. statements about the normal condition of the world.
d. pessimistic, putting the worst possible interpretation on things.
a
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Other things being equal, the behavior of a monopolist differs from that of a competitive industry in that
A) the monopolist does not attempt to maximize economic profit. B) the monopolist hires more labor. C) the monopolist restricts output and hires less labor. D) the monopolist must consider fixed costs in deciding the optimal level of output to produce in the short run.
If people have a sudden decrease in confidence in the open economy of the U.S. and no longer want to invest there, the NCO:
A. increases, and the demand for loanable funds curve would shift right. B. decreases, and the demand for loanable funds curve would shift left. C. decreases, and the demand for loanable funds curve would shift right. D. increases, and the demand for loanable funds curve would shift left.
The farmer's association is a type of government with unlimited jurisdiction
Indicate whether the statement is true or false
The budget line and the indifference curve are geometric devices used to provide a closer look at consumer choice
a. True b. False Indicate whether the statement is true or false